DSME to issue $353m of new shares

Shareholders of struggling Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) have approved a plan to increase the ceiling of new stock issuance. The shipbuilder will sell KRW414bn ($353m) worth of new stocks, and may increase the figure to KRW1trn depending on market conditions.

DSME has racked up KRW4.5trn in losses for the first three quarters of the year leading creditors to force the yard to go through a restructuring.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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